Important Things to Know About Renting to College Students
Rental property owners in college towns can take advantage of a growing trend of college students opting to live away from campus instead of on campus. Health issues in some older dorms around the country are starting to drive students out of traditional housing and into off-campus apartments that surround universities. Plus, the idea of having more freedom is something more attractive to students looking to live out their college experience.
But while this is a great opportunity for rental property owners who manage multi-housing units, it could present plenty of ups and downs. Having a younger group with little to no experience living away from home can create costly issues through unique risks. While investing in apartment building insurance is a good start to limit the financial toll having college students renting out your apartment units can be, it’s also important to know what you’re up against in a more comprehensive way.
Advantages of Renting to College Students
There are some upfront positives when it comes to allowing college students to rent from your apartment building. First, the need for college housing off campus is a big one as students are trending toward having their own spaces instead of being under the rules of campus housing.
Also, due to high demand, rental property owners can start the leasing process earlier than usual. Fall semester students start putting down deposits in March or April in some areas, giving property owners more of a guaranteed base.
The Risks Involved
College students present a unique problem for rental property owners. There are many different ways in which students can bring down the integrity of a community through their day-to-day living. And while this may sound harsh, it’s important to understand the unique liabilities you face as a property manager or owner.
- No Rental History: These tenants may not have a rental history for landlords to check. They may also not have jobs to provide consistent income Without this information, it’s hard to evaluate the reliability of a tenant when rent is due.
- Parties and Damage: Some college students may look at living off-campus as an opportunity to do what they want without fear of being kicked out. No parental controls, parties, late nights, etc. All these can lead to issues with complaints, destroyed components of a unit and so on. If your property offers up short-term rent, students may not put as much care into how they live on your property seeing as they may be out in six months or less.
- Utilities: College students have late-night study sessions and multiple people living under one roof. With this in mind, it’s important to note that utilities may be out of control during the school year. If you’re the one covering the utility bills, know the amounts can be much higher than usual during the school year.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Tags: Apartment Building Insurance, business insurance, College Apartments, commercial insurance, Landlord, Property Management, Renting to College Students